FinTech How-To: 3 Ways to Solve FinTech Pain Points

By Harris Clarke
May 18, 2022

FinTech is currently one of the world’s fastest-growing industries. From Bitcoin to Cashapp, FinTech companies are constantly finding new ways to innovate and enhance the financial sector. However, FinTech companies often have to deal with significant regulations, data tracking, and billing management processes that can slow their business down. With these challenges, how can FinTech companies keep up their momentum?

The key is digital onboarding software. Since FinTech companies are doing nearly all of their business tasks online, it’s crucial that they stay digitally organized, aware, and efficient. Unfortunately, that’s not always easy. Some of the pain points that complicate FinTech operations include:

  • User retention and reducing churn
  • Cybersecurity
  • Government regulations and RegTech
  • Data analytics and ongoing monitoring

If any of these challenges sound familiar, it’s time to invest in onboarding software. From secure communication channels to project forecasts, onboarding software can revolutionize FinTech processes in a wide variety of areas. By implementing onboarding software, your FinTech company will be able to improve its client retention, mitigate serious security risks easily, and simplify a wide range of analytical and monitoring processes.

Increase Retention through Transparency

While transparency should be important to any business, it is especially vital to the FinTech industry. Since FinTech companies are responsible for handling many customers’ financial assets, enlightening them on company practices will provide reassurance and build their trust in the company. As customer trust in your company grows, user retention will grow with it.

For FinTech companies looking to maintain and grow their client base, displaying this accountability matters. What’s more, internal transparency is just as important. When employees and their managers can quickly see exact data and project status, they become more accurate and efficient. 

By implementing an onboarding software, FinTech companies can gain all of these benefits and more. Through features including unlimited contributors, task tracking, data centralization and automation, and client accessibility, FinTech companies will increase their transparency and improve their user retention.

  • Task Tracking
    Tracking project tasks can quickly improve transparency at your company. When you use onboarding software to view team members’ task completion status, remaining project budget, and time allocation all instantaneously, you can avoid the challenges of inaccurate or missing data.
  • Quality Data
    Since onboarding software can store all of your project information in one place, it’s the best way to ensure that you have quality data to share with your employees and clients. Software automations also make it possible to generate digital reports of your data—without human error
  • Unlimited Contributors
    Some onboarding softwares may provide you with the option to add unlimited contributors and guests to your workspace. This option increases transparency within your FinTech organization because it allows you to share your progress with more stakeholders. 

GuideCX: Client View
One unique aspect of GuideCX’s onboarding software is client accessibility. Through GuideCX, clients can view remaining tasks, project status, reports, and more from your FinTech company. As you provide your customers with a transparent view of your processes, their loyalty to your business will strengthen.

By making use of these onboarding software capabilities, you can greatly increase transparency at your FinTech company. As you do so, you will improve client retention, employee accuracy, and ultimately, your business.

Mitigate Security Risks

Data security is one of the most critical factors of FinTech. Because of the large volumes of sensitive personal and financial information that FinTech companies handle, it’s vital for FinTech companies to ensure confidentiality, integrity, and availability of information by successfully protecting their networks, devices, and data from unlawful access or criminal use. 

Client onboarding software can help FinTech companies in this area, too. By implementing security services including protected attachments, single sign-on, private internal communication, and restricted visibility, managing FinTech cybersecurity and government regulation standards becomes effortless. Through these services, you can ensure that your client data stays in the right hands.

  • Protected Attachments
    With protected attachments, only individuals with access to the onboarding software will be able to view sensitive documents. Protecting important information this way will help FinTech companies to prevent important documents from ending up in the wrong hands.
  • Single Sign-On
    Some onboarding softwares provide the option for a single sign-on. With this option enabled, each user in an organization can log into the software with the same organizational login information. By using single sign-on, you can avoid the security risk of having distinct login information for each employee, making it less likely to lose that information in a data breach.
  • Private Internal Communication
    Private internal communication is an attractive onboarding software feature for FinTech businesses that want to increase their security. This feature prevents the need for multiple communication channels that can be used to share sensitive information. With your onboarding software’s communication channels, you can protect private information from being easily accessed by outsiders.

GuideCX: Restricted External Visibility

Another security feature unique to GuideCX is the ability to restrict external access to certain content within the onboarding software. While transparency is important, reducing outside access to secure information is essential in reducing security threats.

An onboarding software can help immensely in reducing security risks to your FinTech company. As you control access to sensitive attachments, login information, internal communication, and external visibility, adhering to government regulations and protecting your organization from serious risks will be easier than ever before.

Simplify Processes, Analyze Easily

Who can say no to simplification? Changing existing processes to make them quicker and more efficient is a great way to continue to grow your FinTech business and manage data analytics and ongoing monitoring. In fact, by implementing onboarding software, you may be able to free up more time and create opportunities for growth by eliminating some processes altogether.

Through special onboarding software features including task automation, automatic report generation, mobile accessibility, and login-free client access, your FinTech business will be faster and more efficient than ever before.

  • Task Automation

Task automation is one of the best ways to save time at your FinTech company. As you implement onboarding software at your business, you can track data, schedule project updates, manage workflows, send emails, and more—all automatically. Automating these simple tasks will allow you the time and energy you need to tackle tougher data tasks.

  • Auto-Generated Reports

In the FinTech industry, onboarding software can help businesses to identify trends and diagnose performance issues quickly. This is possible through automatic report generation. By easily creating parameters from which to retrieve data instantly, you will save yourself the headache of managing data analytics and ongoing monitoring—not to mention time and other valuable resources.

  • Mobile Access

In today’s world, mobile-accessible software is a must. Many onboarding softwares support mobile platforms or apps that can allow you to serve your customers from anywhere. By providing this service, you can simplify your work processes and give more accessibility to your clients and employees to monitor and analyze data.

With the incredible growth potential of the FinTech industry, FinTech companies can’t afford to go without onboarding software. By implementing onboarding software in their business, they will improve their ability to maintain and gain customers, minimize security risks, and perform data analytics and monitoring. If you’re part of a FinTech business, now is the time to act—optimizing FinTech businesses has never been easier.

Want to learn more about how onboarding software can benefit your FinTech business? Reach out to us at GuideCX.com.

Harris Clarke

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